Stocktaking or inventory checking is the physical

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Survey of Accounting
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Chapter 1 / Exercise 2
Survey of Accounting
Warren
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Stocktaking or inventory checking is the physical verification of the quantities and condition of items held in an inventory or warehouse. This may be done to provide an audit of existing stock valuation. A stocktake indicates: Wastage/ shrinkage/ loss Stock on hand Stock to be dispatched Stock to be ordered Stock discrepancy validation Expenditure / cost
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Survey of Accounting
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Chapter 1 / Exercise 2
Survey of Accounting
Warren
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BUS12 Business Learner Guide Version 2.0 (2018/02/05) 35 It is also a good idea to implement a stock rotation policy, whereby you must rotate stock so that the oldest products are used before the newer ones. This system is called the FIFO system (First In, First Out). Section 7 Staff requirements To ensure maximum productivity from your staff, you will need to define the job role and expectations of staff. There should be a comprehensive statement of the job requirements, key duties and responsibilities, required skills and attributes, operating context, and performance characteristics. This statement should also describe expected standards of performance. Having these in place sets clear expectations that hold employees accountable to their work flow. This is one way to assist in reducing unnecessary staffing expenses. Other workplace measures to set to assist with staff engagement and productivity include the following: Improve your hiring and orientation process. Make sure that supervisors know how to bring out the best in people. Communicate clearly and often. Talk with your employees about what makes your business great, how it brings value to its customers, and how your employees make that possible. Help employees design their jobs to be as rewarding as possible. Make sure that employees have the resources and training to do their jobs well. Give employees as much control over their jobs as possible. Encourage employees to talk freely and support one another. Incentivise staff by way of rewards, recognition programs, and bonuses. Section 8 Succession planning Succession planning is a process for identifying and developing internal people with the potential to fill key business positions. You should plan for retention of staff and have a clear direction in place for succession planning. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.
BUS12 Business Learner Guide Version 2.0 (2018/02/05) 36 Section 9 Workplace health and safety No matter what size your business is, safety at the workplace is critical to its success. As a small business owner, you have responsibilities regarding health and safety in your workplace. Even if you do not have any employees, you must ensure that your business does not create health and safety problems for your customers or the general public.

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